Moharib Properties Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06431255 (England and Wales)

Financial Statements for the Year Ended 30 November 2018

for

Moharib Properties Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

N M Moharib

REGISTERED OFFICE:

19 Victoria Terrace

Hove

East Sussex

BN3 2WB

REGISTERED NUMBER:

06431255 (England and Wales)

ACCOUNTANTS:

A.K & Co (Accountancy Services) Ltd

19 Victoria Terrace

Hove

East Sussex

BN3 2WB

FIXED ASSETS

Intangible assets

4

13,600

-

Tangible assets

5

4,819

-

Investment property

6

905,879

905,879

924,298

905,879

CURRENT ASSETS

Cash at bank

3,332

1,680

CREDITORS

Amounts falling due within one year

7

256,288

231,852

NET CURRENT LIABILITIES

(252,956

)

(230,172

)

TOTAL ASSETS LESS CURRENT LIABILITIES

671,342

675,707

CREDITORS

Amounts falling due after more than one year

8

(113,894

)

(122,400

)

PROVISIONS FOR LIABILITIES

9

(1,831

)

-

NET ASSETS

555,617

553,307

CAPITAL AND RESERVES

Called up share capital

10

1

1

Revaluation reserve

11

463,741

463,741

Retained earnings

11

91,875

89,565

SHAREHOLDERS' FUNDS

555,617

553,307

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 21 March 2019 and were signed by:

N M Moharib - Director

1.	STATUTORY INFORMATION

Moharib Properties Ltd is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

No depreciation has been provided on the investment property.

Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities

(effective 2008), it is a departure from the general requirements of the Companies Act 2006 for all tangible fixed

assets to be depreciated. In the opinion of the directors this departure is necessary for the financial statements to

give a true and fair view.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Going concern

The director has confirmed that they will continue to give financial support to the company until such time as its

position improves. In addition, the director has confirmed that they will not recall their loan within 12 months.

The director considers that it is appropriate to prepare the financial statements on a going concern basis. The

financial statements do not include any adjustments that would result if the financial support were withdrawn.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2017 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

Additions

15,300

At 30 November 2018

15,300

AMORTISATION

Charge for year

1,700

At 30 November 2018

1,700

NET BOOK VALUE

At 30 November 2018

13,600

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

Additions

6,435

At 30 November 2018

6,435

DEPRECIATION

Charge for year

1,616

At 30 November 2018

1,616

NET BOOK VALUE

At 30 November 2018

4,819

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 December 2017

and 30 November 2018

905,879

NET BOOK VALUE

At 30 November 2018

905,879

At 30 November 2017

905,879

If Flat 11, Amber Court, 38 Sailsbury Road, Hove had not been revalued it would have included at the historical

cost of £121,588. The property was valued on an open market basis on 20/02/16 by the director.

If Flat 3, Benson Court, Ingram, Crescent East, Hove, had not been revalued it would have included at the

historical cost of £191,259. The property was valued on an open market basis on 20/02/16 by the director.

If 28 Fairlawns, 159 Kingsway, Hove had not been revalued it would have included at the historical cost of £nil.

The property was transferred into the company from a relative on 08/02/08 with no money exchanged at the time.

The property was valued on an open market basis on 20/02/16 by the director.

If 16 Dolphin Court, Hove Street, Hove had not been revalued it would have included at the historical cost of

£nil. The property was transferred into the company from a relative on 08/02/08 with no money exchanged at the

time. The property was valued on an open market basis on 20/02/16 by the director.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

-

650

Taxation and social security

13,818

13,208

Other creditors

242,470

217,994

256,288

231,852

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

113,894

122,400

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

113,894

122,400

9.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred tax

Accelerated capital allowances

1,831

-

Deferred

tax

£

Accelerated capital allowance

1,831

Balance at 30 November 2018

1,831

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

1

Ordinary

£1

1

1

11.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 December 2017

89,564

463,741

553,305

Profit for the year

4,311

4,311

Dividends

(2,000

)

(2,000

)

At 30 November 2018

91,875

463,741

555,616

12.	RELATED PARTY DISCLOSURES

During the year, total dividends of £2,000 (2017 - £5,000) were paid to the director .

Included within other creditors is an amount due to the Director N M Moharib of £241,170 (2017: £217,094).

This amount is interest free and repayable on demand.

13.	ULTIMATE CONTROLLING PARTY

The controlling party is N M Moharib.